A Durable Power of Attorney is one of the most important estate planning documents that you will ever sign. It allows you to designate someone (known as an “Agent” or an “Attorney-In-Fact”), who can legally act on your behalf. The Power of Attorney remains in effect during your lifetime and terminates upon your death or if all of your agents fail to serve.
The Durable Power of Attorney grants your agent the power to perform many acts on your behalf such as assisting with financial accounts, assisting with applying for public benefits (such as Medicaid), helping with a real estate transaction and more. You can allow your agent to have broad powers or you may restrict the document so that they are not able to perform certain tasks.
Without the Durable Power of Attorney your risk needing a guardianship case opened on your behalf, should you become incapacitated and need assistance with financial affairs. The downside of this ‘wait and see’ approach is that the individual the court appoints may not be the same individual you would have chosen. Also, the process of opening a guardianship is costly and can be time consuming. This is why we empower our clients to do advanced planning so that they are in control of their own future.
Our attorney is an award winning estate planning planning lawyer who has helped individuals plan for their future for almost a decade. We strive to create a team that is dedicated to our clients and we would love to hear more about your goals, discuss your options and assist with creating a plan that best suits you. Call today to schedule a strategy session: (954) 999-9683.
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